The equity investment totalling $5 million has been made by Amercian and Japanese investors, including Axan Partners, Das Capital and IT Farm, while a consortium of banks and NBFCs including Mahindra Finance, ICICI Bank, Cholamandalam Finance and Shriram Finance has invested $5 million in debt in Drivezy.

The total capital raised by the company stands at $16.5 million (Rs 107 crore).

Formerly a car-sharing marketplace, the Y-Combinator-backed company shifted to a peer-to-peer aggregator model last year. Drivezy, which launched bike rentals earlier this year, has a fleet of over 1,300 vehicles listed across four cities. The fleet has about 1,000 cars with the remaining being bikes.

Drivezy is looking to deploy a large part of the capital raised in this round towards introducing bitcoin as a payment option as also building initiatives around it to allow for global ownership of its fleet.

“We have started accepting cryptocurrency such as bitcoin for transactions on our platform. We have seen 150-160 transactions through that mode so far,“ CEO Ashwarya Singh told ET.

Drivezy has partnered with Unocoin to enable bitcoin transactions and has also launched its Initial Coin Offering (ICO) to enable ownership of vehicles on its platform across the globe through bitcoins. The offering will allow individuals to buy or invest in the cars and purchase cryptographic tokens entitling them to a share of the revenue generated by rental transactions on the platform. Drivezy claims to generate an ROI of 30% for owners on its platform -one that investors through the bitcoin offering will have access to.

For the ICO, Drivezy has partnered with Japanese payment firm Anypay, which will provide advisory support in terms of scheme structuring, token development and more to the Indian company.

Within India, Drivezy is also looking to invest in new initiatives as also widen its geographical base.

“We will be launching cycle rentals in Bengaluru next month. We are also looking to launch operations (for cars and bikes) in Kochi, Udaipur, Chennai and Hyderabad next,“ said Singh.At a monthly growth rate of 25% and 20,000 bookings per month, Drivezy claims to clock Rs 1.3 crore in monthly revenues. Drivezy is looking to scale its fleet by more than six times to 8,000 divided equally between cars and bikes. Despite a foray into multiple new offerings, the company is targeting to turn profitable by March 2018.

“We are operationally at breakeven level across cities but will take us two more quarters for net profitability,“ added Singh.